Minister urges Chilean firms to explore industrial, mining opportunities in KSA
His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, affirmed that the National Industrial Strategy focuses on developing 12 industrial sectors and localizing promising industries, including pharmaceuticals and food. He called on investors and Chilean companies to invest in the quality opportunities offered by the industrial and mining sectors, and to benefit from the enablers and incentives provided by the Kingdom to investors.
This came during his participation in a roundtable meeting organized by the Ministry of Industry and Mineral Resources in cooperation with the Chilean Federation of Industry (SOFOFA), attended by several heads of major Chilean companies, His Excellency the Deputy Minister of Industry and Mineral Resources for Mining Affairs, Eng. Khalid bin Saleh Al-Mudaifer, the CEO of the Saudi Export-Import Bank, Saad Al-Khalb, and the Ambassador of the Custodian of the Two Holy Mosques to the Republic of Chile, Mr. Khalid bin Ibrahim Al-Salloum.
Al-Khorayef explained that the Kingdom’s National Industrial Strategy seeks to explore various industrial sectors and maximize the use of raw materials, including oil, gas, chemicals, and minerals, while leveraging the strategic location of the Kingdom to reach diverse global markets.
He spoke about the Saudi mining sector, emphasizing its strength and the Kingdom’s mineral wealth, which holds significant global importance. He noted that the qualitative transformation of the mining sector is accompanied by a strong balance between achieving economic objectives and adhering to environmental and social standards.
During his speech at the meeting, Al-Khorayef said: "Since the launch of our mining strategy, we have witnessed a significant increase in the estimated value of our mineral resources, rising from $1.3 trillion to $2.5 trillion by January of this year, representing a 90% increase. This growth is attributed to government investments in geological surveys and exploration, alongside contributions from the private sector, and we are keen to benefit from Chile’s experience in developing its mining sector."
He highlighted the quality investment opportunities currently offered by the Saudi mining sector, which are attractive to mining companies worldwide, including Chilean firms, noting that his meetings with Chilean ministers discussed the enablers and incentives provided by the Kingdom’s mining investment environment.
Al-Khorayef pointed out that, under Vision 2030, the Kingdom seeks to diversify its economic income away from oil and gas. Among the main sources in this plan is the mining sector, which is being developed to utilize the Kingdom’s natural resources effectively. He emphasized that the mining sector is indeed a challenging industry, requiring substantial government involvement to ensure that mining companies and investors act responsibly towards the environment, communities, and the economy.
The roundtable meeting also included a presentation by the Ministry of Industry and Mineral Resources on the National Industrial Strategy, the comprehensive Mining Strategy, and the investment opportunities in both sectors.